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Volvo Could Sell Its Stake In Eicher Motors
Swedish carmaker Volvo may sell its minority stake in Eicher Motors according to sources. This, however, will not affect the 50:50 joint venture between Volvo and Eicher Motors.
Volvo is set to sell its 8.4 percent stake in Eicher Motors to raise around INR 3,800 crores. Eicher Motors registered very strong sales in 2014, making the move a very smart one.
Volvo bought this stake of a little over 8 percent after both the companies announced a Joint Venture back in 2007.
Equity analysts say that the stock was around INR 200 to 300 in 2008 compared to INR 16,400 per share price of today.
Eicher Motors shares were trading up on Monday, the 1st of March.
Eicher Motors currently manufacture the iconic Royal Enfield motorcycles which are sold in India as well as exported, and mid-sized trucks.
